Cub Energy Inc. Reports Year-End Reserves for 2018

Cub Energy Inc. announces the results of its independent reserves evaluations as of December 31, 2018 on its oil and gas properties in Ukraine. The evaluation of the Tysagaz LLC property (100%) and KUB-Gas LLC (“KUB-Gas”) properties (35%) was conducted by Ryder Scott Petroleum Consultants, an independent qualified reserves evaluators and auditor.

All evaluations were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook"). Highlights of the net reserves are below:

• Proved developed producing (“PDP”) oil and natural gas net reserves of 287 thousand barrels of oil equivalent ("Mboe") or 1,723 million cubic feet of gas equivalent ("MMcfe")

• Proved (“1P”) oil and natural gas net reserves of 988 Mboe or 5,930 MMcfe

• Proved and probable (“2P”) oil and natural gas net reserves of 1,572 Mboe or 9,431 MMcfe

16:29 / 27 March, 2019

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